Nifty Technical Analysis

Hello Friends, Nifty opened around same level where it closed yesterday. Bulls took charge and pushed nifty to intraday high of 11967 but unable to continue further. May F&O expiry series closed positive at 11945 As mentioned in  previous analysis , nifty is trading in range of past 3 days which is highlighted in below chart On the daily time frame, 5 Day Moving average continues to provide support for nifty. Options data for 6 June Weekly Expiry series has highest OI at 11800 Put strike with 1,151,925 contracts and 12000 Call strike with 1,272,150 contracts. Hence support at 11800 and resistance at 12000 levels becomes range for the next week for nifty. For coming trading sessions, Nifty may remain range bound to negative. -------------------------------------------------------------------------------- Please follow the blog to get the regular updates of new posts & share with your friends as well. If you have any suggestions please post a ...

Hello Friends, Today, Nifty opened gap down at 11907 around 50 points down from yesterday's close 11958. As mentioned in yesterday's analysis, below 11860 more selling pressure was expected. During first half session, nifty traded sideways and later moved below 11860 & touched low of 11837 however, there was a sharp recovery and closed around 11860 mark. For past 3 days, nifty traded in the range of 11800 to 11960 levels. Tomorrow is Monthly F&O expiry hence we may expect volatile movements Bearish pressure below 11800 levels can be seen. 11700 & 11600 level should act as important support levels. -------------------------------------------------------------------------------- Please follow the blog to get the regular updates of new posts & share with your friends as well. If you have any suggestions please post a reply. -------------------------------------------------------------------------------- Disclaimer: I am not SEBI Registered analys...

Hello Friends, Today, Nifty opened at 11957 which is exactly at same level of yesterday's high. After opening immediately faced selling pressure and during the day it touched low of 11865.20. During last one hour, it managed to recover from low & closed at 11928. Today's movement has formed Hanging Man candle stick pattern on daily chart. As mentioned in yesterday's analysis , Nifty could not crossed 11960 on the upside. Options data  shows more than 3 lakh call writing at 12000 & 11900 strike price. This will act as resistance levels. Maximum Put open interest is at 11700 strike price. This will act as a important support level for the May expiry series. For coming trading session, If Nifty slips below 11860 then more selling pressure can be seen towards it's support levels. It will be good to avoid long position unless we see breakout above 12045 levels -------------------------------------------------------------------------------- Please ...

Hello Friends, Today, Nifty opened positive and continued the up-move. Nifty opened at 11851 and closed at record high of 11924. During the day it has touched low of 11813 & high of 11957. This has formed in a Bullish candle for 2 consecutive days on daily chart. One of the important indicator RSI (14) has also moved above 60 which is also signaling bulls are active. Conclusion: For tomorrow, More upside towards 12000 resistance levels can be expected if nifty moves and sustains above 11960. -------------------------------------------------------------------------------- Please follow the blog to get the regular updates of new posts & share with your friends as well. If you have any suggestions please post a reply. -------------------------------------------------------------------------------- Disclaimer: I am not SEBI Registered analyst. All above analysis are just for study purpose. I am not responsible for any gain or loss arising out of trades taken bas...

Hello Friends, The week was volatile for Indian Markets as important election outcome was scheduled during the week. Weekly Options expiry was also on the same day that is 23rd May, 2019. In response to Exit poll, the week started on very strong note with a gap-up opening (11651) on Monday & remained range bound to prepare for the elections results day. Daily chart was giving bearish signals. on 23rd It touched High of 12041 and shaded all gains due to profit booking to closed around same levels (11657) where the week had started on Monday. Weekly Chart Analysis: There is a bullish Weekly candle on chart but with a long wick on it's top. The closing is life time high for this week. However, RSI one of the important indicator is still showing divergence on weekly scale. This is showing weakness in up-move and more profit booking may take place. Daily Chart Analysis: On the daily chart, Nifty movement has been range bound between 11590 and 11850. Moves above 1...

Hello Friends, Today, on election results day, Nifty opened on very strong note with gap-up of 163 points at 11900. It touched life time high of 12041. As mentioned in earlier analysis there was highest call writing at 12000 levels which acts as important resistance. Profit booking at these levels brought nifty down by 426 point to form intraday low at 11615 & closed at 11657. India VIX fell sharply to 19.04 as well. Today, Nifty has formed a large bear candle indicating selling pressure at higher levels & RSI continues to show divergence. To conclude, As the excitement of election result is over, the focus will now shift towards Global tensions. On the upside 12000 to 12500 level will act as resistance with highest call writing positions On the down side, 11500 & 11000 level will as support with highest put writing positions for May expiry. Break below Monday's (20th May) low of 11590 will trigger more selling pressure. ---------------------------...

Hello Friends, Today, Nifty opened at 11725.20 & closed at 11737.90. During the day, nifty touched high of 11782.90 & touched low of 11683.35. This has formed a doji candle on daily chart. This is clear indication of indecision ahead of important event of elections results. Overall Implied volatility has also increased. Depending on the results and break of high of 11883 may add further buying and nifty may see 12000 to 12500 levels on the upside. Break of the past two days range low of 11590 will add further selling pressure towards 11150 to 11100 levels on the down side. Intraday movements will be highly volatile. For tomorrow, it will be good to wait for the final election result outcome and let the markets stabilize before jumping any trade position. -------------------------------------------------------------------------------- Please follow the blog to get the regular updates of new posts & share with your friends as well. If you have...